The Financial Industry Regulatory Authority has filed a complaint against Chicago-based Jordan P. Zaro, the owner and chief executive of Riverside Securities Inc., for swindling money from a 63-year old widow and creating false account statements showing fake municipal bond purchases to cover up the scheme.

Zaro excessively traded, or "churned," the widow's account, generating losses, and then created false account statements showing muni bond and money market fund purchases with profits instead of the actual losses, according to the complaint, which was filed in March by FINRA's enforcement department with the office of hearing officers but not released until Friday. In reality, Zaro purchased mostly equities, which were unsuitable for the widow's financial situation and needs, the FINRA lawyers said. The widow was not named and was only referred to as CJF in the complaint.

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